If customer information lives in multiple locations instead of a master database, then employees have no single source of truth for this essential data. Additionally, customer data is not considered transactional, even though it can be used when describing transactions. Customer data is valuable because it provides a way for the organization to connect to its customers and delivers important insights for decision-making. If an organization has a large number of customers, this data can become very complex and the smallest error could result in a missed opportunity.
This data is less volatile but occasionally needs to be updated when a customer moves or changes their name. However, master data can be part of the transaction process, such as data describing the customer, product, or point of purchase.Ĭustomer information-such as names, phone numbers, and addresses-is an excellent example of master data. Master data does not usually include transactional data. Master data is used and reused over and over again. Master data is essential to an organization’s day-to-day operations as well as analytical decision-making. Master data requires processes to keep information up to date and accurate. Master data usually includes large data sets that are more complex in nature with multiple variables, as opposed to simpler entities that could be merely tallied or counted. Data sets that never change are rarely classified as master data. Master data tends to change less frequently than other data, but it does change. The types of master data vary depending on the type of organization, but they all share some similar qualities: This data is usually shared across the enterprise, and multiple departments and personnel depend on it for decision-making. Master data is all the data critical to the operation of a business. As your organization grows and becomes more complex, establishing processes and tools for managing your most critical data at scale is essential. If not effectively managed, this can result in redundant and even conflicting information. Reference Materials Toggle sub-navigationĪn organization’s data often comes from many sources and is touched by many people.Teams and Organizations Toggle sub-navigation.
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